Capesize

13750

May-17
450.00 3.38%

Panamax

8300

May-17
-200.00 -2.35%

Iron Ore

61.5

May-17
-0.50 -0.81%

Sing 380

292.65

Jun-17

Coking Coal

177

May-17
1.00 0.57%

Nola Urea

172

May-17
3.00 1.78%

FIS Technical – Grains And Ferts


FIS Technical – Grains And Ferts

Price action in the grains in the past few days are giving some hope to the bulls, though we are a long way from denting the heavy global stocks which have been smothering markets for many months.

Beans

Fundamentally, I would not say we have become bulls yet, but the market is probably not carrying a sufficient weather premium, especially with the heavy fund short position.

Corn

All contracts traded through recent nearby resistance, driven  by some weather concerns but arguably more by firmer wheat markets. Similar to beans, it is too early to become overly bullish, but traders should monitor nearby weather and signs of fund short-covering.

Wheat

Probably has the most convincing short-term fundamental story as dry weather in the US and Europe are casting doubts over protein wheat supply. Best opportunities still seem to be in the inter-market spreads rather than Chicago.

Urea markets have been very quiet in terms of volume and prices remain stuck in recent trading ranges. Though manty traders still feel we have not seen the season lows yet, with prices having already made 12 year lows (nearby NOLA physical), it is difficult for most to commit to meaningful fresh short positions.

 

soy 7-6-17

To view the full report please click on the link